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Jones Company (the Company) adjusts and closes its books each December 31. It is now December 31, 2021, and the adjusting journal entries are to be made. You are requested to prepare, in general journal format, the adjusting journal entry that should be made for each of the following items. Where appropriate, show your computations in the space provided below each item. Prepare the journal entry in the format of the attached excel spreadsheet 1. Credit sales for the year amounted to $200,000. The Company estimates that the bad debts associated with credit sales will be 2%. The current balance (as of the beginning of 2021) in the allowance for doubtful accounts was a debit balance of $500. 2. Unpaid and unrecorded wages at December 31, 2021 amounted to $1,950. 3. The Company paid a two year insurance premium in advance on April 1, 2021 amounting to $3,000 which was debited to Prepaid Insurance. 4. A machine that cost $33,700 is to be depreciated for a full year. The estimated useful life is 10 years and the salvage value is estimated to be $2,000. Assume straight-line depreciation. 5. The Company rented a warehouse on June 1, 2021, for one year. They had to pay the full amount of the rent one year in advance on June 1, 2021 amounting to $4,800, which was debited to Rent Expense. S....docx

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